Oil prices climbed more than one per cent on Friday ahead of long US and UK holiday weekends but posted the biggest weekly drop of the year, pressured by rising inventories and worries about the global economy.
Gold steadied on Friday after rising more than one per cent in the previous session en route to a weekly gain, propped up by a weaker US dollar and expectations for a US interest rate cut, offsetting pressure from a rebound in equities.
Oil prices plunged overnight, losing about fiver per cent as trade tensions dampened the demand outlook, putting the crude benchmarks on course for their biggest daily and weekly falls in six months.
Gold prices jumped one per cent overnight as the US dollar pulled back from a two-year peak scaled earlier in the session and global equities and US Treasury yields slid on escalating US-China trade tensions.
The Australian share market has recouped early losses to finish higher for a fifth day, setting a fresh 11 1/2 year high following a strong performance by banks and property shares.
The Australian share market has risen on the last trading day before the federal election despite the heavyweight financial sector dropping out of the broad rally.
The Australian share market has bounced back, recouping some of the losses from the previous day amid hopes that a deal was still within reach amid the US-China trade war.
The Australian share market has plummeted at the start of trade after renewed concerns about US-Chinese trade tensions led to large losses on Wall Street overnight.
The Australian share market has closed lower, pulled down by the financial sector as two banks went ex-dividend and housing finance approvals came in weaker than expected.
